to: provide for the Australian Securities and Investments Commission register of company charges to be closed; amend terminology relating to certain transactions which create security interests; and extend the concept of property; the

Personal Property Securities Act 2009

to simplify certain transitional provisions; and 10 Acts to make consequential amendments.

in relation to: registrable charges; the liability of receivers and voluntary administrators for certain transactions; enforcement of liens and pledges; vesting of security interests; and appointment of an administrator under a transitional security agreement;

Personal Property Securities Act 2009

in relation to: taking certain personal property free of security interests; harmonising the definition of ‘security interest’ with New Zealand legislation; Clearing House Electronic Subregister System securities; access to third party data; the registrar’s powers to conduct investigations; security interests in authorised deposit-taking institutions; and state referral powers; and

Implements recommendations from a national review of legislation governing exploration and development of offshore petroleum resources and its compliance with competition policy principles by amending the

Petroleum (Submerged Lands) Act 1967

to: impose a limit on renewals of exploration permits; and reduce compliance costs for the petroleum industry by reducing the number of reviews required, of the commerciality of a discovery held under a retention lease.

Introduced with the Offshore Petroleum (Safety Levies) Bill 2003, the bill amends the

Petroleum (Submerged Lands) Act 1967

to: establish a National Offshore Petroleum Safety Authority which will provide a national safety regulatory regime for Australia’s offshore petroleum industry in Commonwealth, State and Northern Territory coastal waters; ensure that the Commonwealth remittance to the States and the Northern Territory of annual fees collected in respect of titles does not include the goods and services tax component of the fees; move the procedures for petroleum data submission from the Act into regulations; and improve safety regulation and administration. Also contains a regulation-making power and transitional provisions.